Last quote about Protectionism

Marine Le Pen
This means converting the single currency into a common euro, a currency that will not affect daily purchases, but only large companies that trade internationally. To support French companies in the face of unfair international competition through the implementation of intelligent protectionism and the restoration of a national currency adapted to our economy, the vehicle of our competitiveness. Monetary and budgetary sovereignty, because there is no free-state without a currency, and then economic sovereignty, to be able to implement economic
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NEW Apr 30 2017
The latest person who has talked about Protectionism is Wolfgang Schäuble: “We were all convinced that world trade leads to global growth. It is not that we were not united. It was totally undisputed that we are against protectionism. But it is not very clear what (protectionism) means to each (minister)”. You’ll find on this page all the other quotes of Wolfgang Schäuble and all the other people that have spoken about Protectionism. You can select these people and their quotes by date, by name, and you can easily have access to the articles from which they originated.
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All quotes about Protectionism

David Mulford

The U.S. position over all these years we've been talking about has been to promote and assist the rise of other nations. It is an extraordinary historic performance by a strong country. In doing so, we have created all kinds of rivals and this has caused hitches and glitches and problems in the system, which now have to be addressed and it's appropriate that we address

Tommy Koh

I worry about the rise of protectionism and economic nationalism in the U.S. and in Europe. I see this as a direct threat to the prosperity and prospects of Asia. Asia has been able to make enormous progress because of the liberal economic order that the U.S., U.K. and other countries created at the end of the Second World War. And this liberal world order seems to be in

Tommy Koh

You've been there before and I'm surprised that memories are so short in America and Americans are flirting with protectionism a second

Tommy Koh

It is not fair for you to say there is protectionism everywhere, including Asia, so what's the big deal about the U.S. turning protectionist. The trend in Asia is in the other direction. We are opening up the economies, liberalizing, integrating with one another. The trend in America and Europe is a worry, because you are going in the other way. There is a significant difference between the dominant trend in Asia – which is towards opening up the economy, liberalizing, integrating – and the trend in the

David Mulford

There is no shortage of protectionism in Asia. Let's be frank about that. It is a major part of the Asian economic

David Mulford

Are there benefits to be derived by bilateral trade agreements versus ambitious global trade agreements. I think smaller countries that are competitive, aggressive confident could do very well in bilateral trade negotiations and don't always have to be involved in a large package that makes it harder to negotiate a variety of different things rather than a one-on-one

Wayne Forrest

Donald Trump presents the danger of U.S. protectionism being misinterpreted to an economy here. A lot of questions I've had with government officials here are about Indonesia being on the list of countries being

Jan Hatzius

While the growth-positive aspects of the Trump agenda have hit rougher air, the growth-negative aspects also look less concerning. In particular, the specter of protectionism – a major source of concern during the transition especially for trade with China and Mexico – has clearly receded in recent

Maurice Obstfeld - International Monetary Fund

This improvement comes primarily from good economic news for Europe and Asia as well as our continuing expectation for higher growth this year in the

Maurice Obstfeld - International Monetary Fund

One salient threat is trade protectionism, leading to trade warfare. Growth has remained reliant on domestic credit growth so rapid that it may cause financial stability problems down the road. These problems could, in turn, spill over to other

Maurice Obstfeld - International Monetary Fund

The economic upswing that we have expected for some time seems to be materialising. One salient threat is a turn toward protectionism, leading to trade

Maurice Obstfeld - International Monetary Fund

One salient threat is a turn toward protectionism, leading to trade warfare. Mainly in advanced economies, several factors – lower growth since the 2010–11 recovery from the global financial crisis, even slower growth of median incomes, and structural labour-market disruptions – have generated political support for zero-sum policy approaches that could undermine international trading relationships, along with multi-lateral cooperation more

Stephen S. Poloz - Bank of Canada

The threat of U.S. protectionism, that's something that is very, very significant for Canada and ... it's very difficult to analyze it in advance because it could take so many different forms. It certainly will be negative and it could even be a major

Manik Narain - UBS

China has been the leader of the emerging market trade rebound. The health of the Chinese economy is definitely taking on added importance for emerging markets more broadly because we have not seen a pick-up in imports from U.S. and Europe. For some of these markets it may reduce some concerns about trade

David Rachline

I remember during the local elections, they told me that there was the glass ceiling and that I would not be able to win, but we won. And for the regional elections, they said we could not go over 20-22 percent in the first round because of the glass ceiling but we scored 30 percent in the first round and in some regions, we scored 45 percent in the second round. So that is the proof that there is no glass ceiling. We want to free ourselves from the EU to implement very specific measures like the smart protectionism. The EU today forbids

Christine Lagarde - International Monetary Fund

After six years of disappointing growth, the world economy is gaining momentum as a cyclical recovery holds out the promise of more jobs, higher incomes and greater prosperity going forward. I'm here referring to various elections that are coming up; I'm referring to Brexit and the terms under which it will be negotiated, the sword of protectionism which is hanging over global trade and tighter global financial conditions that could trigger disruptive capital outflows from emerging to developing economies, a phenomenon that we have not seen

Mark Carney - Bank of England

A decade of hard fought financial reform creates enormous opportunities. It is all too easy to give into protectionism, but the road less taken is often the most rewarding. One path builds on the foundations of a new responsible global financial system that are being put in place … The high road leads to more jobs, higher sustainable growth, and better risk management across the G20. But there is another path – the low road – where trust and cooperation diminish, fragmentation hardens, capital flows are disrupted, and trade and innovation are

Mark Carney - Bank of England

It is all too easy to give in to protectionism, but the road less taken is often the most rewarding. All the conditions are in place for following the high road of mutual recognition and co-operation both with Europe and across the

Marine Le Pen

Without a clever protectionism, we are going to watch jobs being destroyed one after another. You do not present yourself as new when you are using 50-year-old

Antonio Ortiz-Mena - Albright Stonebridge Group

It could lead to tit-for-tat protectionism. That particular issue would keep me up at

Samuel R. Allen - Deere & Company

I think, without a doubt, any form of protectionism or nationalism, on the whole, is not beneficial for a company like ours, any global company. We will adjust. We will have to adjust, but it takes time for a manufacturer to adjust. It's much more efficient if we can have open free trade, understandably fair trade, but free trade. If, as a result of the adjustment tax, it has an unintended consequence of causing countries like China and Mexico to buy their ag commodities from other countries, that would be negative for U.S. farmers that do a lot of exporting to China, Canada and

Francois Hollande

In this geopolitical environment of isolation, nationalism and protectionism, we have to lead by example and make our bilateral partnership not only strong and dynamic, but to show the way for opening confidence in international

Stephen Groff - Asian Development Bank

What we have to do is take a step back and realize that these things happen in cycles. We have seen protectionism emerge over the course of history and we've seen it sink. Right now, we're watching and we're monitoring, but we're not hyperventilating. The budget that's been put forward is a skinny budget. There's not a lot of details right now. This will go through a process in Congress, (which) has already said that they don't want to see massive cuts in diplomacy or foreign

Nicolás Dujovne

We've been there. Protectionism and nationalism will not make your economy richer and will not accelerate growth. It will increase stagnation and poverty. We are in favour of globalisation. We see trade as a source of opportunity and not as a threat. The issue of the sovereignty of the Malvinas is a national cause with 100% consensus, but I do not think the Argentinian population is against having close ties with the

Stephen Roach

It's pretty disappointing when you get finance ministers from leading countries in the world who, out of the blue, are unable to validate the commitment to anti-protectionism which is the underpinning globalization. That's an obvious reflection of the shifts in the political winds in the United States and indicative of a U.S. economy that is backing away from multilateralism. It was a disturbing meeting. I don't agree with anything Peter Navarro has said or written in his entire

Hussein Sayed

Given the slow progress in implementing tax cuts and infrastructure spending plans, markets will soon realize that they are ahead of themselves. I'm still quite confident that U.S. protectionist policies will do more harm than

Ipek Ozkardeskaya

European equity markets have started the week with a heavy risk-off sentiment after the G20 communiqué explicitly reflected U.S. intentions to establish trade protectionist measures. As the world's number one economy is preparing to set significant barriers against the world, investors are increasingly

Kenneth Broux

This G20 is not really a big deal for the market, partly because the language on FX was maintained. The disagreement on trade and protectionism is new, but the meeting at a later date between U.S. President Donald Trump and Chinese premier Li could be more pertinent to where trade negotiations are

Long Guoqiang

After the global financial crisis, we found that many countries had adopted some kind of trade protection measure, and China, as the biggest trading country, saw most of the protectionism against China. So we don't like protectionism. Traditionally, such kind of (protectionist) voices are popular in countries with weak competitiveness. But you know, because of the internet, the communication has changed a lot. If you compared China with other countries, I think we are very ambitious to further promote trade and investments

Tim Condon

Multilateralism is out. The U.S. administration will pursue its America First agenda through bilateral negotiations with countries running large trade surpluses with the U.S. Germany is one and in his meeting with German Chancellor Merkel, President Trump complained that the U.S. had been treated 'very, very unfairly' by its trading

Gabriel Felbermayr

The weak wording on trade is a defeat for the German G20 presidency. This is particularly true in the light of the fact that Germany is one of the world's strongest export nations and relies on open markets to maintain its prosperity like hardly any other country. The lack of a rejection of protectionism is a clear breach of tradition. Now everything is

Wolfgang Schäuble

We were all convinced that world trade leads to global growth. It is not that we were not united. It was totally undisputed that we are against protectionism. But it is not very clear what (protectionism) means to each (minister).feedback

Wolfgang Schäuble

Maybe one or the other important member state needs to get a sense of how international co-operation works. It's completely clear we are not for protectionism. But it wasn't clear what one or another meant by

Wolfgang Schäuble

It's not true we are not agreed. It's completely clear we are not for protectionism. But it wasn't clear what one or another meant by that. At some meetings you cannot reach all that you want to achieve. But that is something we can live

Lesetja Kganyago

When the Fed starting raising rates I think we expected that there would be a reversal of flow, there would be a realignment of exchange rates, but now that the Fed is communicating so well the question is always going to be how much of the changes have been priced in. Protectionism is not good for anyone. When protectionism takes place and it comes from the largest economy in the world, you may have other countries responding, and then you have got a rise in

Sigmar Gabriel

If U.S. protectionism should lead to new chances opening up for Europe in the whole of Asia, we should seize the

Wolfgang Schäuble

I don't know the exact wording but nobody has raised the issue of protectionism yet and I don't believe that we have to deal with this a lot. It's about finding the right wording, it's about how we phrase the openness of the world trade system in the final

Wolfgang Schäuble

There are differing views on this subject. That's my expectation. I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world. I hope that we'll achieve sensible results. I'm not that

Haruhiko Kuroda - Bank of Japan

Not only the G20 but the IMF and OECD have said protectionism damages global trade and global economic growth, and that it is necessary to maintain free trade and investment. Japan's stance on this will not change. The momentum for inflation to accelerate to 2 per cent remains in place but lacks strength. The BOJ will continue to promote powerful monetary easing ... to achieve its price target at the earliest date

Wolfgang Schäuble

There are differing views on this subject. It's possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders. This is not the ideal solution, but it would not be such a big deal. That's my expectation. I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world. I hope that we'll achieve sensible results. I'm not that

Jennifer Rubin

Conscientious conservatives (there are some, still), libertarians and business interests have struggled to make the intellectual and macro-economic arguments in favor of free trade. Now, perhaps, the time has come to get into the weeds, see which Americans would be hurt by trade protectionism and hold the White House and members of Congress responsible for the harm their protectionist policies would

Michael Clauss

What I can see here from Beijing is the Chinese side believes there will be more trade frictions, maybe even a trade war, which would be a problem for China, but would definitely not bring down its economy. I don't think it will be a major problem for German companies here in China since those that produce here in China, produce and manufacture almost exclusively for the Chinese market and not for exports

Michael Clauss

It doesn't matter which trading partner you talk to – be it the Japanese or the U.S. or neighboring countries or European countries. They all feel the same, that there's a growing protectionism here. The service sector is basically off limits. Many companies that would like to produce here in China and build a factory and start producing are forced into going in a joint venture. It's also frequently they're asked to transfer technology, which is against the rules of the WTO. And the tendency seems to be growing. That's the complaint we get from German

Li Keqiang

Stability is of overriding importance. We should ensure stable growth, maintain employment, and prevent risks. World economic growth remains sluggish, and both the de-globalisation trend and protectionism are growing. There are many uncertainties about the direction of the major economies' policies and their spill-over effects, and the factors that could cause instability and uncertainty are visibly

Donald J. Trump

From this day forward, a new vision will govern our land. From this moment on, it's going to be only America First. America First. Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families. We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs. Protection will lead to great prosperity and

Emmanuel Macron

Mr Trump would be making a grave mistake by going back on his predecessor's commitments towards the climate. I will forge a very strategic alliance with our Chinese partner on this subject. I think Mr Trump is wrong to advocate protectionism for his own economy. The United States is one of the most open economies in the world. I don't want to go down that path, but we would respond if the wrong choices were

Maarten-Jan Bakkum - Nn

If our worst fears are confirmed (on protectionism) you can expect quite a correction in emerging markets. Since the (Trump) inauguration, markets have priced out some of the protectionism risks...people are impatient to play the emerging markets theme as (economic) data has been so

George Osborne

Let's make sure that we go on doing trade with our biggest export market, otherwise withdrawing from the single market will be the biggest act of protectionism in British

Marc Chandler - Brown Brothers Harriman

There are a lot of things people are watching for. ... If he talks about protectionism and how he might have a reciprocal tax, it could go the other way [higher]. Initially the dollar moves higher on protectionism. It partly means stronger

Michael Sabia

If there is more protectionism in the United States you will probably see more Canadian companies trying to acquire U.S. -based

Wolfgang Schäuble

In a globalised world, globalised economic protectionism is not successful. We will fight against any

Alexander Van der Bellen

My election as the President of the Republic of Austria in December 2016 was a clear rejection of the burgeoning nationalism, protectionism, the seductive, simplistic

Daiju Aoki - UBS

One problem with protectionism is companies could hesitate because they will not know when and where to invest. This could lead to a delay in

Boris Schlossberg

None of those policy initiatives have been enacted; it's been much more toward protectionism and toward anti-terrorism. And the market, I think, is losing patience, and that is why you're seeing the whole Trump portfolio basket trade move off. Now, if he reasserts his economic policy and if he comes back to those ideas quickly, those trades are going to come right back. But if he again wallows in much more political issues as we go forward, I think you're going to see much more of a correction than you currently have

Beat Wittmann

One is that to create sustainable and quality growth in the U.S., you need bipartisan supported policies. That I don't see really and that is a challenge. My second worry is protectionism. Picking fights with Mexico, Germany and China all at the same time but I think Trump there will be pretty

Jason Daw

Risk premia should remain elevated as the market grapples with U.S. policies, with Asia in particular risk from protectionism. Beijing's ultimate goal is to let the (yuan) reach a market clearing price sooner rather than later, albeit without a major one-off devaluation during the process. This is already challenging enough and now the potential policy mix from the Trump administration has further complicated the

Tai Hui - J.P. Morgan Asset Management

President Trump can tweet all he wants but many of his policies are fundamentally supportive of the U.S. dollar. If you think about protectionism, if you think about immigration policy, if you think about his pro-growth fiscal policy, all of these are supposed to raise inflation and therefore raise interest rates and supposedly raise the

Seth A. Klarman

Exuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade

Keith Parker

As investors await the details for the proposed tax plan, President Trump has made it clear that protectionism is a key tenet of his administration. Overall, we see BAT as a low probability but potentially very high impact event, though politics are fluid and plan details/possibilities will

Ken Jacobs

Sentiment is the key thing for M&A. I think (protectionism will) create a pause on M&A activity in some parts of the world, but so far we haven't seen a real change in

Josef Jelinek

It is unlikely that Mexico would be able to integrate itself into Asian supply-chains. Given the extent of Chinese protectionism and economic nationalism, Mexico would likely be seen as more of a competitor than as a complimentary partner by China. In addition, Mexico would be at a cost disadvantage with regards to transshipments, being cheaper and easier to ship within

Stephen Massocca

Numbers have been very good. Corporate America has great profitability so the numbers are justifying this valuation. I'm not saying stocks are cheap. But they're not super-expensive. If we get true protectionism, we get tariffs, all that's bad news. That's not good economics. Some of the stuff they're doing is what every other country does – taxing imports but not taxing exports. That makes

Jeroen Dijsselbloem

Our cooperation with China … is very important. Economically, increasingly important, but also politically. Europe must not sit back and blindly wait for what happens in the United States, but move ahead itself, also in the area of

Liz Ann Sonders - The Charles Schwab

Protectionism doesn't tend to result in a win-win situation. It ends up being a lose-lose situation, especially if we head down the path toward trade

Marc Chandler - Brown Brothers Harriman

I don't think people are going to change their forecasts based on a dozen comments ... The market is trying to wrestle with these new developments, but ultimately policy is what dictates the currency prices. We have to wait and see. If there is deregulation, tax cuts and infrastructure spending, as well as some protectionism, like a border tax, I don't like it but I could see how it could be good in the short run for the U.S.

Kevin Giddis - Raymond James & Associates

The president is very hard to handicap, and I don't really know how much he can get done when Congress must be dealt with to make the kind of sweeping changes he proposes. While the trend for interest rates is up, I wouldn't be surprised if something happens or doesn't happen that could turn the cart on its

Art Hogan

Investors can get behind pro-growth policies and can't and won't support protectionist policies. Trade wars, like all wars, end negatively for

Robert Brusca

We have not had the benefits of free trade, and we have less to lose from this Trump gambit than most people think. I suspect Trump wants leverage more than

Jim Paulsen - Wells Fargo Asset Management

I believe a potential wild card for 2017 is not only how many times will the Fed raise the target funds rate but the possibility that they may opt for a 50 basis point single

Todd Gordon

Markets are taking this as a sign that this protectionism is quite real; markets are selling

Peter Boockvar - The Lindsey Group

If this becomes embedded, this has economic implications. Will technology companies get the best people? Will overseas countries respond in kind? Will it affect business? It's all part of the same U.S.-centric protectionism. I get the security issues, but it is still part of the mentality: 'Everyone is stealing our business. Every one is out to kill us, and we're going to close our

Mark Faber

As we go into 2017, the consensus is that inflation will go up … And you want to be overweight U.S. stocks … but protectionism, I guarantee you, is not going to be good for the

Haruhiko Kuroda - Bank of Japan

It would be very problematic if protectionism spreads, but I don't think that will

Adam Cole - RBC Capital Markets

Concerns on protectionism appear to be rising after President Trump's executive order to restrict

Charlie Weaver

We supported TPP strongly and wish [the president] would have embraced it. Protectionism isn't good for U.S. workers, consumers or the economy. That's the fear of changing NAFTA and walking away from

Naeem Aslam - AvaTrade

The meeting is very important for both individuals because they are labeled as anti-free trade and driving the engine of populism and protectionism. So far, [Trump] has shown that he is good in cutting ties with other governments and firms if they do not work according to his plan. He needs to assure the world that cutting ties has the benefit of making good

Xi Jinping

It is true that economic globalization has created new problems, but this is no justification to write economic globalization off completely. Rather, we should adapt to and guide economic globalization, cushion its negative impact, and deliver its benefits to all countries and all nations. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade

Yuji Hirako - All Nippon Airways

We will need to keep watch on what impact the new administration will have on the flow of people and goods. If there is a serious policy shift to protectionism that will hurt the global economy, including

Li Keqiang

This is a testing time. China offers an anchor of stability and growth with its consistent message of support for reform, openness, and free trade. We remain convinced that economic openness serves everyone better, at home and abroad. It's far preferable for countries to trade goods and services and bond through investment partnerships than to trade barbs and build barriers. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade

Jane Foley - Rabobank International

We have seen the market coming back on the yen a bit which is of course a safe haven play and if Trump's protectionism goes forth, there will be more concern about China, and that is supportive for the yen on the safe haven

Koen Straetmans

Increased geopolitical risk or an increase in protectionism could just as easily lead to commodity supply disruption, sending prices higher in the near term despite negatively impacting commodity demand, too. Over longer periods, correlation between broad commodity prices and policy uncertainty is low to slightly negative. Exceptions include precious metals with a more pronounced positive correlation, and a strong negative correlation with the energy

Jane Foley - Rabobank International

What we've seen this year is more of a focus on the isolationist, protectionist policies of Trump. The market had chosen to ignore those last year, but now focus has swung back ... Protectionism is usually detrimental to

Junya Tanase - JPMorgan Chase Bank

Amid concerns over Trump's protectionism, the correlation between U.S. Treasury yields and the dollar has gotten weaker. It's similar to the U.S.-Japan trade conflicts in 1990s. Back then, the dollar was weak despite the high U.S. interest rates. The dollar would remain weak if Trump pushes his protectionist

Masashi Murata - Brown Brothers Harriman

It is highly doubtful whether Trump would go ahead with a large-scale immigration ban to an extent that would affect the markets in a long term. Trump would keep his strong rhetoric from his candidate days to assure his followers, but he has not detailed the actual action plans. His policy won't be a straight-forward protectionism, considering his positive comments on the strong Mexican

Takeshi Minami

Global demand is firming up as emerging markets in Asia are catching up with a recovery in advanced economies. If the debate on protectionism leads to an unwelcome rise in the yen, that would dampen the momentum towards a pickup in Japan's exports

Cecilia Malmström - European Trade

If anything, since November, we have seen many of our partners throw more energy and more resources at their negotiations with the

Sigmar Gabriel

He will run a protectionist and nationalist programme, and we cannot respond in the same way. We need to act by becoming more competitive, investing in our infrastructure, in digitalisation, in education, we simply need to get better. And we need to look for partners who want to achieve those things with us and I believe they exist. When someone shuts doors – and he is shutting doors – others open somewhere else, that I am sure of. Germany should act with self-confidence and not be fearful or

Sigmar Gabriel

Of course, if the US president starts a trade conflict – I don't want to call it 'trade war' – with the Association of Southeast Asian Nations and with China. Of course, we in Europe should tell the ASEAN states and also China and India: 'We have no interest in a trade conflict, we want to be fair partners' – and we have to ask China to reciprocate – but we should take advantage of the opportunities that open

Alex Dryden - JPMorgan Chase & Co.

Donald Trump's rhetoric has signaled an emphasis on pro-growth and America-first during his presidency. Although policies such as increased infrastructure spending and tax cuts, should be simulative to the US economy, the trade policies currently being touted may be damaging for global growth, particularly for emerging economies. Investors are also concerned that the initial withdrawal and renegotiation of trade agreement leads to other countries implement retaliatory tariffs on U.S. goods, resulting in a trade

Alex Dryden - JPMorgan Chase & Co.

In the ASEAN region, global trade is the lifeblood of these developing economies, with global exports amounting to 45% of GDP. Countries such as South Korea and Taiwan derive 38 percent and 55 percent of their GDP from exports, respectively, would be particularly hard

Mathieu Negre

If that's the case, there are 4 items that could be significant: the renegotiation of NAFTA, the introduction of a possible border tax, the straight imposition of tariffs and the labelling of China as a currency

Edward Yardeni

What we really need, though, is some more clarity about where this administration intends to take fiscal policy and trade policy, most importantly trade policy. If we can sort of overcome the fears of protectionism and find that what Trump really wants to do is get fair trade, which is still free trade, and isn't really intending to have protectionism, I think the market goes

Norihiro Fujito - Mitsubishi UFJ Morgan Stanley Securities

The Japanese market started on a weak note but clearly some investors are trading on

Harumi Taguchi - IHS

The sustainability of external demand remains the key for the Japan's export recovery, because of emerging protectionism and uncertainties in the US trade policy, given President Donald Trump's repeated concerns about Japan's auto exports and trade surplus with the

Vaninder Singh - Royal Bank of Scotland

Several headwinds to trade remain including trade protectionism and the likely slowing of Chin's property

Bill Northey

We saw dollar weakness in conjunction with those falling yields, and it led to a strengthening of the yen. Much of it was based on non-economic news. We saw the U.S., through executive action, withdraw from the TPP, which brings up some broader questions about the degree of trade protectionism that we might see out of the new administration. That certainly played into today's

Ian Scott - Manulife Asset Management

That creates a lot of anxiety for Canadian investors. I think there is a recalibration here as we get a sense of what this is going to mean for Canada going forward. The auto suppliers in Canada, they could be at considerable risk if free trade to the (United) States was to be at

Naeem Aslam - AvaTrade

Investors are nervous due to Trump's protectionism policies and their hope is that his tax cut policies could perhaps save the day for

Terry Gou - Foxconn

The rise of protectionism is unavoidable. Secondly, the trend of politics serving the economy is clearly

Cecilia Malmström - European Trade

We have an important friend and ally who seems to be at least partly disengaging from the international scene promoting less trade, more protectionism. We need to stick together with like-minded partners to show that these trade deals are actually functioning, and what better partner can we have than

Paul Ashworth - Capital Economics

It is possible that those two countries [Canada and Mexico] will offer concessions, not unlike Japan's pragmatic response to the U.S. protectionist push in the 1980s. But if not, protectionism could trigger a stronger dollar, retaliation from other countries and higher domestic

Art Hogan

He didn't decide to go high. He decided to go populist and protectionist, and that's something we're going to have to get used to. When you put together populism and protectionism, it has a lot of economic fallout. That's how he got

Haruhiko Kuroda - Bank of Japan

Most countries, including the G-7 and G-20 major economies ... are strongly committed to promoting global trade, and so can help prevent protectionism from

Federico Sturzenegger

But I would say more than that in the case of Argentina, Argentina has a very low debt ratio so it is not a very significant issue but I think it's more the issue of

Kosei Shindo - Nippon Steel & Sumitomo Metal

We are worried about the risks of the Trump administration taking protectionism actions or

David M. Cote - Honeywell International

Do I really think we're gonna go back to protectionism? I don't really know yet and I can promise you I'm paying a lot of attention to it because trade matters to us. It's a little too early to press the panic button; we ought to see what ends up happening

Joshua Crabb

If interest rates get very high, and things get overheated, then we come back to (a risk averse environment). But the bit in between, that's a very, very sweet spot for some of these assets that have been beaten up around the

Vishnu Varathan - Mizuho Bank

Under the Goldilocks scenario, we ensure that costs don't rise so fast that it stifles demand. We'd find a more durable recovery in global demand... and that effect cascades down to other exporters. This is going to be quite positive for Asia, which is either home to major capital goods producers outside of Germany, or linked via the supply

Kit Juckes

Whatever happens, what Donald Trump is going to be doing is eking out a little bit more growth for longer in a geriatric economic

Jean-Charles Sambor - BNP Paribas

If the U.S. goes ahead with some infrastructure spending and doesn't have a very negative agenda toward Mexico and China, you should see some emerging markets doing well because of higher commodity

Wang Jianlin - Dalian Wanda Group

That would be a step back, that would be about protectionism emerging in the

Jan Lambregts - Rabobank

Maybe a home-grown U.S. wage acceleration is underway, with Trump's policies acting as a conduit to bring it all about. It's a nice thought, but we need more substance. Trump's fiscal plans are as of yet unclear in size, focus and therefore impact. Markets are currently priced for perfection when it comes to Trump's policies. That's a lot to ask

Janet Henry - HSBC

Despite the U.S. reflation trade, we see little underlying inflation pressure in Europe. Meaningful fiscal expansion seems unlikely and structural reform has stalled or even reversed. QE is failing to lift inflation but the ECB may need to taper, if only to shift pressure back to

Michael Carey

Clearly, the geopolitical, political and economic risks facing the world are many and multifarious, and it is no easy matter to isolate those that seem most apparent to us. While 2017 does not look as if it will be the 'year of living dangerously', 2018 could well be more

David Einhorn

While it's hard to know exactly where President-elect Donald Trump stands from day to day, his main economic policy objective appears to be employment. To that end, he has proposed corporate tax cuts, infrastructure investment and military buildup, combined with anti-immigration policies and trade

Xi Jingping

Pursuing protectionism is like locking yourself in a dark room, which would seem to escape the wind and rain, but also block out the sunshine and air. Waging a trade war will only cause injury and loss to both

Xi Jinping

Pursuing protectionism is just like locking oneself in a dark room. While wind and rain may be kept outside so are light and air. No one will emerge as a winner in a trade

Xi Jinping

It is true that economic globalization has created new problems, but this is no justification to write off economic globalization altogether. We must remain committed to developing free trade and investment, promoting liberalization and facilitation through opening up, and saying no to

Sigmar Gabriel

Nationalism and protectionism are not the recipies for

Wolfgang Schäuble

Whoever wants growth - and I trust this administration will be a growth-friendly one - must be in favour of open markets. Protectionism can afford short-term advantages but is almost always damaging in the long

Carsten Brzeski - ING-DiBa

If we really take Mr. Trump's words for granted then we do see the end of free trade. This is the start for a trade war. It's the start for a period of protectionism. The hope is that in the end his policies will not be as harmful as they sound right now. But if you look at these policies of 'own country first', trying to isolate the country from foreign companies, trying to impose tariffs – this will lead to retaliations from other countries, namely that the EU then will also increase border tariffs. And this clearly is the end of free

Xi Jinping

We are confident that we will keep our economy stable and growing steadily. Protectionism, populism and de-globalization are on the rise. It's not good for closer economic cooperation

Henrique Meirelles

Brazil is now on a recovery path. Our expectation is that Brazil will be growing by the end of the first

Henrique Meirelles

By 2018, the situation is going to be completely

Henrique Meirelles

Protectionism, at the end of the day, is good for

Masafumi Yamamoto - Mizuho Securities

The risk-averse sentiment stemming from 'hard Brexit' (worries) is pushing down the dollar/yen. But so far, I think the correction from the dollar/yen's high in December, and concerns about stronger protectionism under the new U.S. presidency, have been the dominant

Jin Liqun - Asian Infrastructure Investment Bank

Once people see the free trade and cross border investment, like what we do … I'm not very much worried

Jin Liqun - Asian Infrastructure Investment Bank

I think free trade and free cross border investment is important for all of the countries and we don't have to be too much worried about (Trump's protectionist views).feedback

Jin Liqun - Asian Infrastructure Investment Bank

We are open, we are inclusive, regardless of the membership of the United States, we are working with American

Juergen Hardt

With respect to the German auto industry, one will have to explain to him that German companies are already producing in the United States and exporting to the whole world from there. That would be in jeopardy if Trump sets an international protectionist spiral into

Atsushi Miyanoya - Bank of Japan

Some companies hope that big tax cuts and infrastructure spending, if implemented, will stimulate U.S. growth. But others worry whether these will indeed happen .. and about his comments on trade

Athanasios Vamvakidis

The market had priced in a very positive scenario of Trump: fiscal policy without trade

Wen Bin

Trade protectionism is on the rise, but China is relying more on domestic

James Steel - HSBC

The whole protectionism issue is quite bullish for gold. The whole trade system is based on reciprocity. One side does something. The other side does the other ... the questioning of decades old military and political alliances raises

Li Baodong

There are open channels of communication. Trade protectionism will lead to self-isolationism and it is in the interests of no

Jeremy Lawson - Standard Life

The biggest macro and market downside risks from a Trump presidency arguably derive from his trade agenda – such as his pledges to withdraw from the Trans-pacific Partnership, declare China a currency manipulator and lift tariffs. A new era of protectionism would be negative for the global

Jiang Jianguo

With the rise of populism, protectionism, and nativism, the world has come to a historic crossroad where one road leads to war, poverty, confrontation and domination while the other road leads to peace, development, cooperation and win-win

Patrick Bennett

It is certainly susceptible to weakness if a hard line is taken. Heightened protectionism would be no good for

Leo Gerard

We have a lot of suggestions for when there's a new trade

Auggie Tantillo

He was not the first outside investor to come into the industry and buy a major asset. He was the first and to my knowledge only major outside investor who took on that same sort of attitude that the more home-grown CEOs

Enrico Letta

I strongly believe protectionism is the wrong answer, we need to manage the social consequences of globalization but we have to continue with progress as well. The big problem of globalization today is how to manage the subsequent social and demographic transitions, it is a welfare problem. When European integration is weak, Italy suffers. Italy is a country that needs the euro and a strong commitment to completion of the

Marine Le Pen

Political will pays. The proof is what Donald Trump obtained .... Protectionism pays when it is led by determination and when a country can exercise its economic independence. It is good for re-industrialization and good for

Justin Trudeau

There is no relationship in the entire world quite like the Canada-U.S. relationship. We've built an economic relationship that supports jobs in every congressional district. We're the largest international customer for goods and services made in the

Florian Philippot

We can imagine an equivalent solution. We must imagine ... we have a

Chung Mong-koo - Hyundai Motor Group

With the global economy continuing its low growth, trade protectionism spreading and competition intensifying in the automobile industry, uncertainty is growing more than

Michael Every

I think it will be forced to target JGB yields at zero beyond the ten-year to try to control the curve. That will be necessary as the government will move towards larger and larger fiscal stimulus. In effect, it will be a slide towards helicopter money. The higher US rates go due to Trumpism, and the greater global protectionism we see, the faster this BoJ shift will prove

Neil McGuigan

I suppose, it is exchange rate would be the biggest challenge, (as well as) free trade agreements that we need to work

Dan Jago

There are challenges around things like taxation, which is quite a hard challenge for this market. (However), for us it's a really interesting time. We need to see. People will continue to want to trade wine around the

George Osborne

You can't say we're a beacon of free trade in the world and then the main thing you achieve is a huge act of protectionism, the biggest in British history. We can't tow ourselves out into the middle of the Atlantic - we have to make this relationship

Michael Clauss

[The draft rule] could bring large segments of foreign food imports to a grinding halt. The draft has clearly crossed the line between protecting the consumer towards outright protectionism of the domestic

Kevin Plank

We can't just keep chasing the lowest dollar labor all over the world, so I think you'll start seeing local for local. What that means is that people in America want to buy products from America. The people of Sao Paulo want to buy products from Brazil, so it's not just simply a made in the U.S.A.

Michael Clauss

German companies here feel that there has been a considerable rise in protectionism. We are receiving more and more complaints, especially since the beginning of this

Michael Clauss

EU companies have bought up to 14 companies in China so far this year, and that amounts to 5 percent of what has been bought up by Chinese companies only in Germany this

Michael Clauss

Most of this investment is going into the high-tech sector. It seems there is a strategic connection to 'Made in China 2025', they're trying to close the technological gap through acquisitions. And we're fine with China catching up and becoming a competitor in high-tech industries; it's the fairness of the competition we're concerned

Geng Shuang

When talking to them you get a sense that the overall mood has changed since last year, from being very optimistic to being more

Michael Clauss

We sense a growing unwillingness to allow concerns about protectionism within China to be voiced in the media. This might have to do with problems in the

Geng Shuang

Foreign companies in China will continue to have great potential and space to develop. China's door is open and it won't be

Na Jung-hyuk - Hyundai Securities

It's positive global trade conditions have improved compared to the first half of the year. Whether this will be sustained is yet to be seen as we're facing a number of global factors that will spark uncertainty, like Donald Trump taking office in the U.S., which will aggravate concerns over

Pravin Rao - Infosys

The world over, there's a lot of protectionism coming in and push back on immigration. Unfortunately, people are confusing immigration with a high-skilled temporary workforce, because we are really a temporary

Roberto Azevêdo

If you don't have the right diagnosis, you don't have the right medicine. If the medicine is simply protectionism, the outcome will be that you will harm the

Kazuhiro Takahashi - Daiwa Securities Group

As long as the dollar stands tall against the yen, Japanese stocks will likely be helped. But once Trump mentions protectionism on trade, investors who have been cautious against the recent rally are expected to take

Thilo Brodtmann

We hope that there will be some learning curve when answering the question of free trade and the necessity for trade. It will show quite quickly that any kind of protectionism will harm the macroeconomic data of the U.S. as well as

Ian Lyngen

When we got the Trump victory we saw a sharp rally in Treasuries that was very short-lived and then this massive sell-off. The sell-off is a function of inflation expectations. It highlights the risks of a move toward protectionism; it highlights a lot of the traditional pro-business GOP

Olivier Korber

With lasting policy uncertainty and potential protectionism, there are probably enough ingredients to consider the risk of massive new dollar appreciation. If the negative political surprises don't stop there and have a far more dramatic impact on Europe, the euro could fall much

Moh Siong - Bank of Singapore

There's also concern about the ringgit as a trade-exposed currency. And if Trump does carry out his trade protectionism threat, this could be bad for the

Bini Smaghi - Société Générale

We need to move on, otherwise this would be a signal for future politicians that Italy cannot be reformed, and is a signal to the whole financial market and that's not

Stefan Ingves

If the U.S. were to begin to move in a protectionist direction, it would not be good for

Larry Hu - Macquarie Group

If protectionism does escalate globally, China might retaliate by allowing for bigger RMB depreciation. It would be a trade war and hurt

Tai Hui - J.P. Morgan Asset Management

Infrastructure, deficit spending, protectionism, immigration reform; everything he's mentioned so far is going to push prices higher in the U.S.. If you block immigrants, or even illegal immigrants working in the states, wages will rise. If you think about trade policy, if you block Chinese exports to the U.S. prices will

Federico Sturzenegger

That means they're going to come from somewhere else. And is that the most growth-enhancing allocation of your resources that you can have? I see it quite absent in the macroeconomic

Federico Sturzenegger

When you close an economy, its real exchange rate appreciates. ... And I say thank God that we have floating exchange

Andrew Garthwaite - Credit Suisse Group

Most of Trump's more troubling policies (on immigration, protectionism) are likely to be toned down, and some of his policies can be seen as positive for equities (more fiscal spending and a cut in the corporate tax rate). Thus, we can envisage a set of circumstances under which this election result is positive for equities, although we would caution that markets tend to overreact to political

Jens Weidmann - Deutsche Bundesbank

Growth prospects are currently also impacted by pronounced political uncertainty. Not only the sentiment and trends behind the Brexit vote but also the result of the American presidential election raises questions about how far protectionism and isolationism will determine the future political

Matthias Zachert - Lanxess

That would be more of a reason to have a local production presence in North America, but protectionism would lead to disadvantages for everyone

Shen Danyang

To date, the U.S. has not informed China about this. Protectionism in international trade is gaining traction, and some countries are imposing increased restrictions on steel which is most certainly distorting normal

Li Baodong

Trade and investment protectionism is rearing its head, and Asia-Pacific faces insufficient momentum for internal growth, and difficulties in advancing

Dennis Gartman

I voted for Mr. Trump, but I was not happy to have done it. I did it by holding my nose and [pressing the button], but I am fearful of his trade protectionism, I'm fearful of his movement towards trade tariffs around the world and I'm fearful of what this means

Ronny Claeys

A Trump presidency is not good news in itself: US isolationism and protectionism is bad news for trade and potentially for economic growth. We do not really know what his policies will be (his plans were too vague or too contradictory) so we have increased

Thilo Brodtmann

If the world's biggest economy follows a protectionist course, its effects will be felt around the world. We can only hope that his words are not followed by corresponding

Brian Kelly

The positives of a Trump win are corporate tax reform, but the negatives are protectionism, and that is a really big thing. More importantly what's he going to do with the Federal

Keith Wade - Schroders

The prospect of protectionism and lower global growth will hit equity markets and risk assets worldwide. Emerging markets are particularly vulnerable given their dependence on global

Manuel Caldeira Cabral

I don't think the U.S. should go for protectionism. It would be bad for U.S. workers; it would be bad for the U.S. economy. It would really be the wrong signal to the world economy as

Robert Halver - Baader Bank

With Trump nobody knows what he will do. During his election campaign he said he wanted to limit free trade, protectionism in favour of America. Is that only an election campaign position or is it actually the coming policy that will apply in 2017? This uncertainty, which is negative especially for exports, weighs heavy on the German stock

Thomas Jordan - Swiss National Bank

It's important that Europe, the United States, China, all these countries, continue to take the view that international trade is a good thing and they take action against

Ethan Harris - Bank of America Merrill Lynch

The most recent shock was Brexit and the most important potential global shock is a drift towards trade protectionism in the U.S., particularly if the Presidential election favors Republican candidate Donald

Bernard Jenkin

What would the EU do? Would they really want to slap on their own tariffs and protectionism anyway?feedback

Arun Jaitley

The tenor of the debate is more protectionist during elections and much less when you get back to business as usual. If developing countries see a trend of protectionism, the spillover impact on the policies in other parts of the world would be

Hillary Clinton

I think we have to have a concerted plan to increase trade already under the current circumstances ... and we have to resist, protectionism, other kinds of barriers to market access and to trade. My dream is a hemispheric common market, with open trade and open borders, some time in the future with energy that is as green and sustainable as we can get it, powering growth and opportunity for every person in the

Barack Obama

America must stay committed to working with all nations to build stronger and more prosperous economies for all our citizens for generations to

Jakob Christensen - Danske Bank

The general fear that Trump would try to restrict bilateral trade agreements vis-à-vis a host of countries ... It could set off a global race for

James Zimmerman - Chamber of Commerce

President Xi accurately raised the alarm on the need to counter the increase in protectionism around the

Roberto Azevêdo

In general, protectionist measures, especially unilateral measures, they're not helpful. Protectionism is contagious. That's the reality. One thinks that one is winning when we slap tariffs or introduce barriers to imports from another country and we think we

Hans Redeker - Morgan Stanley & Co. International

MXN (peso) is the currency most at risk from uncertainty and trade protectionism

Christine Lagarde - International Monetary Fund

I hope it is not a 1914 moment and I hope that we can be informed by history to actually address the negative impact of globalization in order to leverage the benefits that it can deliver. Because it has historically delivered massive benefits and it can continue to do

Christine Lagarde - International Monetary Fund

We want to see clarity sooner rather than later because we think that a lack of clarity feeds uncertainty, which itself undermines investment appetites and decision

Christine Lagarde - International Monetary Fund

I think it would be quite disastrous, actually. Well I don't think I should say disastrous because that is an excessive word and I should refrain from excessive words. But it would certainly have a negative impact on global

Barack Obama

At a time when we all too often are hearing rhetoric that ignores the enormous contributions that have been made by Mexicans-Americans and the enormous strengths that we draw from in the relationship with our good neighbor's to the south, it's been useful for us to reaffirm all the issues we've been working on

Enrique Pena Nieto

We must acknowledge that isolationism cannot bring prosperity to a society. It is from a collective effort between the countries that are located in one same

Justin Trudeau

Better collaboration, better partnerships are a path to prosperity. And that's a compelling example that we want to showcase at a time where, unfortunately, people are prone to turning inwards which will unfortunately be at the cost of economic growth and their own

Justin Trudeau

We've seen around the world many examples of protectionism, of concern, of stepping away from trade

Christine Lagarde - International Monetary Fund

There is a risk that middle class families and the poor actually remain behind, which would embolden the voices of protectionism and

Nicolas Sarkozy

We have a clear strategy: a relaunch, financial regulation, refusal of protectionism, reform of the global system. The financial ministers have instructions, and there will be a follow-up summit at the end of March or beginning of

Peer Steinbruck

As I have said myself, if we want to have an economic recovery, the main requirement will be getting back trust in the financial markets, and the prerequisite of returning trust to the financial markets will be that banks clear up, really clear up, their balance

Timothy F. Geithner - U.S Treasury

All countries need to commit to sustain open trade and investment policies, this is absolutely critical in confidence. The countries around the world today recognise this common

George W. Bush

Tomorrow's discussion will be the first in a series of meetings. We will focus on five key objectives; understanding the cause of the global crisis; reviewing the effectiveness of our responses so far; identifying principles for reforming our financial and regulatory systems; launching a specific action plan to implement those principles, and reaffirming our conviction that free market principles offer the surest path to lasting prosperity. All the nations must reject calls for protectionism, collectivism and defeatism in the face of our current

Jean-Claude Trichet - European Central Bank

Global weakness and very sluggish domestic demand can be expected to persist in the last quarter of 2008 and in the next few quarters. Risks to economic growth lie on the downside, relating to concerns for a stronger impact on the real economy of the ongoing financial turmoil, protectionism and possible disorderly developments owing to global

Pascal Lamy - World Trade Organization

It is not the old issue about protectionism. At the moment half of your exports are imported which is the global economic integration model we live in now. Shooting on your imports has one result which is deteriorating the competitiveness of your exports. So, this sort of protectionism does not work. What we have today is standards, regulations, norms, that are established not to protect the producer but to protect the consumer. What will be at stake is whether Europeans and Americans can share a similar concept of precaution on GMOs, on poultry dechlorination water, on data privacy….feedback

Jean-Claude Juncker - European Commission

We do think that the success of European recovery is in the best interests of China. We expressed our concerns as regards recent declarations about the speculations concerning the possibility of a currency war. This would be destructive as would be any form of trade

Franco Frattini

Protectionism is always wrong, The European interest must prevail. Our Commission is committed to that interest

Pascal Lamy - World Trade Organization

I think it is no use beating around the bush. This meeting has collapsed. Members have simply not been able to bridge their differences. What happened today will certainly not strengthen the multilateral trading system. It will not improve the system which has provided members with an insurance policy against protectionism over the last sixty

Wang Qishan

We should jointly promote the reform of international economic and financial rules and standards. It is important to oppose all forms of protectionism, to exercise prudence in adopting trade remedies and to push for comprehensive, balanced outcomes of the WTO Doha Round negotiations, at an early

Pascal Lamy - World Trade Organization

This is not the time for go-it-alone measures. This is the time to strengthen and preserve the global trading system so that it keeps performing this vital function in the

Dilma Rousseff

What is very relevant is the fact that in Brazil there are a great number of European companies that help to sustain growth in our country and that create

Franco Frattini

It's true. Yielding to protectionism would be wrong; it's not the right solution to counter this economic crisis. We have talked about being ready to sustain investments that one state on its own cannot afford, through a so-called European treasury

Franco Frattini

With the right tools I don't think these countries will go bankrupt. While we're not able to distribute money, we can offer guarantees. And guarantees mean

Franco Frattini

I think that trying this new approach is in the interests of our Israeli friends who feel threatened by Iranian nuclear proliferation and we need to reassure

Franco Frattini

The main European partners are those who are already involved in the Afghan operation. They agree with the issues that will be at the centre of a conference to be held in Trieste, under the G8

Franco Frattini

This isn't a blank cheque we're giving Iran. There's a dialogue of negotiation. I will raise this issue with the US administration. I have also spoken with my Iranian colleague because this approach by a country presiding over the G8 is a political

Jose Manuel Barroso - European Commission

What we don't like is the discourse that is sometimes behind anti-European slogans, a discourse that is promoting what I call negative values, things like narrow nationalism, protectionism and xenophobia. That is a

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